Bankruptcy:
The legal proceedingsby which the affairs ofa bankrupt person are turned over to a trustee or receiver for administration under the bankruptcy laws. There are two types ofbankruptcy:
*. Involuntary bankruptcy-one or more creditors of an insolvent debtor file a petition having thedebtor declared bankrupt.
*. Voluntary bankruptcy-the debtor files a petitionclaiming inability to meet financial obligations and willingness to be declared bankrupt.
